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Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing wwtuttle@yahoo

Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing wwtuttle@yahoo.com 203-594-8808. Warren Tuttle wwtuttle@yahoo.com. External Product Development Lifetime Brands President United Inventors Association Monashee Marketing. My Background.

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Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing wwtuttle@yahoo

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  1. Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing wwtuttle@yahoo.com 203-594-8808

  2. Warren Tuttlewwtuttle@yahoo.com • External Product Development Lifetime Brands • President United Inventors Association • Monashee Marketing

  3. My Background • New York City retail store Buyer…learned housewares industry from ground up • Specialty Retail Store Owner • Independent Inventor Advocate • External Product Development for Lifetime Brands....25 licensing deals past two years • Taken several products directly to retail • UIA President

  4. 32 Brands including Farberware, Kitchen Aid, Cuisinart, Pedrini, Towle, Mikasa, Pfaltzgraf Lifetime Brands 30,000 products 9 Divisions

  5. What is Licensing? • Taking your product to market through others • Leveraging valuable IP • Making a royalty on each unit sold • Establishing a fair royalty amount ($ or %) • Negotiating exclusive or non-exclusive terms • Setting annual quantity minimums • Securing a signing advance • Determining length of licensing agreement

  6. How to Prepare a Productive Licensing Presentation • Taking a professional approach • Understanding industry licensing guidelines • Vetting product at retail • Develop working prototype proving function • CADs and photos • Researching and filing for a patent • Creating a Sell Sheet • NDAs

  7. Who to Approach when Licensing • Research your industry • Retail store and catalog shopping • Internet Searches • Trade Shows • Industry Trade Magazines • Industry Contacts • Determine company with broadest distribution and reach • Seek “Inventor Friendly” companies

  8. When Licensing is the Right Move • When personal resources are limited • When industry standards are stacked against you…the plight of the single sku vendor • When you are working on multiple projects • When running a company is not for you • When your personal creative and business strengths lie elsewhere • When a larger company can simply do it better than you

  9. How Larger Companies Can HelpInventors Maximize Revenues • Product development services • Expanding patent opportunities • Branding • Established distribution • Expanded product assortment • Acknowledging Inventor • Platform for future licensing opportunities

  10. Going to Market on Your Own • Same initial development process (idea, prototype, patent search, marketplace vetting) • What are industry standards and nuances? • What are retailer requirements for single item vendors? • What is price point of the product? High margin and low volume opportunities. • Can you earn a windfall profit early on? • Can you build and sell the business?

  11. Going Alone (Partial)Checklist • Early Development Costs • Tooling • Manufacturing • Inventory • Shipping • Warehousing • Disbursement • Billing • Collection

  12. Summary…What Will Drive Your Decision • Financial Resources…access to $ • Time…quit your day job? • Passion…are you a visionary, or simply crazy? • Consumer Research…sketchy • Industry…challenges within each • Product…ability to manufacture • Margins…high or low volume • Personal Goals…quality of life

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